In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the government’s plan for growth with changes to business tax legislation, a key policy being “full expensing”.
It is a Corporation Tax cut worth an average of £9 billion a year for every year it is in place”, Hunt said. “The Office for Budget Responsibility says it will increase business investment by 3% for every year it is in place”.
But what did the Chancellor mean by “full expensing”, and how does the policy work? We’ve put together a guide giving an explanation.
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